Ashurst is advising London-listed outsourcing company Xchanging plc on the takeover offers from UK's largest BPO firm Capita and US private equity firm Apollo Global Management.

Xchanging, which offers services ranging from back-office invoice processing to insurance claims settlement, received a revised cash offer of 160p per share from rival FTSE 100 firm Capita. Meanwhile Apollo also made a non-binding conditional proposal to acquire the company at 170 pence per share in cash.

At those levels, the bids would value the company at between £396 million and £421 million.

Both Capita and Apollo now have until 5pm on November 2 to make a bid for Xchanging under UK takeover rules, or to announce that they will not make a bid.

The Ashurst team is being led by corporate partner Karen Davies assisted by senior associate David Dowding and solicitor Harry Thimont.